Australian trade balance swung to $1.7b surplus in April: ABS
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The news: Australia’s seasonally adjusted balance on goods swung to a $1.7 billion surplus in April, according to the latest Australian Bureau of Statistics figures.
The context: The trade surplus was broadly in line with market consensus and Goldman Sachs expectations, with the outcome driven by a 7.2% month-on-month increase in export values to $47.1 billion supported by metal ores and minerals.
Good imports rose 0.8% to $45.4 billion, as an increase in fuel imports was largely offset by a sharp fall in capital goods which declined 16.4% month-on-month.
The fall in capital goods imports reflected a reversal of the March spike in data centre-related automatic data processing equipment, alongside a further decline in telecommunications equipment.
The latest ABS data also showed a 42.4% month-on-month jump in diesel imports, while crude and gasoline imports declined by 24% and 13.7% respectively.
The sources: ABS, Goldman Sachs research note
